High Net Worth
High net worth insurance, or high-value insurance, is for wealthy individuals and families with valuable assets. It provides crucial financial protection if the unexpected happens.
What Is High Net Worth Insurance?
High net worth insurance policies provide higher coverage limits and additional protections beyond standard policies. This classification applies to various coverage types, including the following:
- Homes and their contents—Homeowners who own expensive properties may benefit from more comprehensive insurance policies that offer greater flexibility and coverage than standard home insurance policies. While still covering many common risks like fires, burglaries and vandalism, these policies can include higher limits. They may provide more significant payouts for higher rebuild costs or losses involving valuables, such as jewelry, antiques or fine art.
- Automobiles—For those who own or collect luxury or vintage vehicles, high net worth insurance may be a worthwhile investment. These coverage options can ensure they are adequately insured by including coverage for original manufacturer parts and foregoing depreciation.
- Liabilities—When individuals or families enjoy especially high net worth, they may also need to account for greater liability risks. Personal umbrella insurance for high net worth individuals may be essential to offer additional financial aid beyond other liability coverage limits.
How Much Is High Net Worth Insurance?
Like many types of insurance, the cost of high net worth coverage may be influenced by several factors. Insurance carriers must carefully analyze your risk levels to determine your rates. This may include consideration of the following criteria:
- Type of insurance
- Value of insured assets
- Location
- Personal details (e.g., age, driving history and relevant liability risks)
- Claims history
- Coverage details (e.g., deductibles, limits and endorsements)
We’re Here to Help
As a proud member of the White House, Tennessee, community, Wilkinson Insurance Agency stands ready to assist you in understanding and addressing your high-net-worth coverage needs. Contact us today to learn more.